Retiring or getting out of the rental market? What is the best way to sell your rental property?
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Start by moving the tenant out of the property. Incentivize them by offering to pay for their move, offer them the use of another property or help them find a suitable rental. Do whatever you can and have to, but get them out of the home so that you can sell it empty.
I was going to explain, in todays episode, my reasons for advising to sell the property without tenant, but the episode would get too long, so we will have another podcast titled “What NOT to do when selling your investment property.”
For today, let's assume that you agree, and have successfully removed the current tenant . So whats next?
First, the goal is to make this home attractive to a home buyer who wants to buy it for themselves. NOT another investor (the reasons for this will be explained in another podcast)
Depending on your price range, the home may appeal to a first time home buyer, so let's get it ready.
Fresh paint, in and out, fresh carpets, replace old lights and switches, fix anything that’s broken. Modernize it within reason….. if the kitchen is 20 yrs old but still looks good, don’t replace it. If the toilets are stained and gross, replace THOSE.
Next, call a professional stager and stage the home. They know how to make a small bedroom look bigger, how to accentuate the positive while minimizing the negative.
Interesting side story: I had a bachelor suite for sale. Seller did not want to spend any money on it, so it was clean but not staged. Potential buyers had trouble imagining living in a suite without a bedroom, so it remained on the market for a full year.
When the listing expired, the seller finally took my advice and we hired a stager who showed the possibilities in this cute, quaint space.
Result…….SOLD within 10 days. Staging WORKS.
Ok, the place is ready for to be listed, and shown to an adoring buying public. Call your listing agent and get it on the market.
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